Arbor Metals Acquires Corvette Lake and St. Pierre Properties
NEWS RELEASE
ARBOR METALS ACQUIRES CORVETTE LAKE AND ST. PIERRE PROPERTIES
Vancouver, Canada – February 26th, 2024 – Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR,
FWB: 432) is pleased to announce the acquisition (the “ Transaction”) of the Corvette Lake and St. Pierre
properties, through the acquisition of all of the outstanding common share capital of Corvette Lake
Lithium Corp. (“ CLL”), an arms-length party. The properties are located in Eeyou Istchee Baie-James
territory, Nord du Québec region. The Corvette Lake property is composed of 16 contiguous claims
totaling 821 hectares, and the St. Pierre property is composed of 20 contiguous claims totaling 1026
hectors. The properties are situated approximately 20 km south of the all-season Trans-Taiga gravel road.
The acquisition of these properties completes the strategic positioning of Arbor in the Corvette deposit
area.
The new exploration ground straddles an area of the Langelier complex identified as the oldest portion
and deepest portion of crust. This assemblage of gneissic tonalite and granodiorite, are both strongly
deformed and metamorphosed. The southern contact corresponds to east-west regional faults that put
in sheared and faulted contact gneisses with amphibolite and ultramafic units of the Rouget Formation.
Late tectonic granitic plugs were historically mapped in this corridor which runs in the property about 4km
east of Corvette Lake.
According to preliminary research, the property area has been the subject of limited documented
exploration except regional mapping done by the Province of Québec in 2021, and airborne geophysics
works done in 2007 and 2008. The Company believes this type of ground position, focusing on old
batholith contacts in supra crustal rocks such amphibolite, could generate valuable exploration targets.
The model to be tested on the field is based in part on the identification of pegmatite generation front
across regional structures.
Transaction Terms
The Transaction was completed pursuant to the terms of a share purchase agreement (the “ Purchase
Agreement”) entered into between the Company, and the shareholders of CLL, dated February 23, 2024.
In accordance with the terms of the Purchase Agreement, the Company acquired all 1,425,000
outstanding common shares of CLL in consideration for cash payments to the shareholders of CLL in the
amount of $0.50 per share. No securities of the Company are issuable in connection with the Purchase
Agreement.
Following completion of the Transaction, there remains a total of 50,000 outstanding performance-linked
preferred shares of CLL which are not held by the Company. The performance-linked preferred shares
carry no voting rights. In the event the results of mineral exploration conducted on the Corvette Lake and
St. Pierre properties demonstrates the existence of lithium mineralization the holder has the right to
redeem the shares at a price of $100 per share.
The Company is at arms-length from CLL, and each of the shareholders of CLL. No finders’ fees or
commissions are payable by the Company in connection with completion of the Transaction. In
connection with Purchase Agreement, the Company does not expect to assume any material liabilities
related to the Corvette Lake and St. Pierre properties, nor does it expect to devote the majority of its
working capital or resources to the development of the properties. At the time of completion of the
Transaction, CLL did not have any material liabilities and had working capital of approximately $270,000.
The primary focus of the Company at this time remains the ongoing work program being conducted at its
wholly owned Jarnet Lithium Project, as announced by the Company on February 7, 2024. As a result, the
Transaction does not constitute a fundamental acquisition for the Company within the policies of the TSX
Venture Exchange.
Qualified Person
Martin Demers, P. Geo registered in the Provinces of Québec (ogq #770), a consultant to Arbor and a
qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects , has
reviewed the technical contents of this news release and has approved the disclosure of the technical
information contained herein.
About Arbor Metals Corp.
Arbor Metals Corp. is a mining exploration company focused on developing high-value, geographically
significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it
oversees world-class mining projects. The Company is confident that combining quality projects with
proven strategies and a dedicated team will yield exceptional outcomes.
The Jarnet, Corvette Lake and St. Pierre lithium projects, located in the James Bay region of Quebec, comprises
83 map-designated claims, covering an area of approximately 5,606 hectares. The projects are contiguous to
the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization
representing one of the highest-profile lithium exploration projects in the sector.
For further information, contact Mark Ferguson, Chief Executive Officer, at [email protected],
or 403.852.4869, or visit the Company’s website at www.arbormetalscorp.com.
On behalf of the Board,
Arbor Metals Corp.
Mark Ferguson, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or
if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”,
“forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or
information. These forward-looking statements or information may relate to the development of the
Jarnet Lithium Project, potential exploration of the Corvette Lake and St. Pierre properties and other
factors or information. Such statements represent the Company’s current views with respect to future
events and are necessarily based upon a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant business, economic, competitive, political
and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause
results, performance, or achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such forward-looking statements. The Company
does not intend, and does not assume any obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in circumstances or any other events affecting
such statements and information other than as required by applicable laws, rules and regulations.